Bridgeline Digital Inc (BLIN) 2023 Q1 法說會逐字稿

Good day, and welcome to the Bridgeline Digital First Quarter 2023 Earnings. (Operator Instructions) Please be advised that today's conference is being recorded. It is now my pleasure to introduce Chief Financial Officer, Thomas Windhausen.

美好的一天，歡迎來到 Bridgeline Digital 2023 年第一季度收益。 （操作員說明）請注意，今天的會議正在錄製中。現在我很高興介紹首席財務官 Thomas Windhausen。

Thank you, and good afternoon, everyone. Thank you for joining us on the call today. My name is Tom Windhausen, Bridgeline's Chief Financial Officer. I'm pleased to welcome you to our fiscal 2023 first quarter conference call. On the call with us this afternoon is Ari Kahn, Bridgeline's President and CEO, who will begin the call with a discussion of our business highlights. I'll then update you on our financial results for the quarter, and we will conclude by taking questions.

謝謝，大家下午好。感謝您今天加入我們的電話會議。我叫 Tom Windhausen，是 Bridgeline 的首席財務官。我很高興歡迎您參加我們的 2023 財年第一季度電話會議。今天下午與我們通電話的是 Bridgeline 總裁兼首席執行官 Ari Kahn，他將在電話會議開始時討論我們的業務亮點。然後我會向您介紹我們本季度的財務業績，最後我們將通過提問來結束。

Before I begin, I'd like to remind listeners that during the conference call today, comments that we make regarding Bridgeline that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Act of 1934, and are subject to risks and uncertainties that could cause such statements to differ materially from actual future events or results. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The internal projections and beliefs upon which we base our expectations today may change over time, and we expressly disclaim and assume no obligation to inform you if they do.

在開始之前，我想提醒聽眾，在今天的電話會議上，我們對 Bridgeline 所做的非歷史事實的評論是 1933 年證券法第 27A 條和第 21E 條含義內的前瞻性陳述1934 年證券法的規定，並受到可能導致此類陳述與實際未來事件或結果存在重大差異的風險和不確定性的影響。這些聲明是根據 1995 年《私人證券訴訟改革法案》的安全港條款作出的。我們今天的預期所依據的內部預測和信念可能會隨著時間而改變，我們明確聲明不承擔任何通知您的義務，如果他們做。

The results we report today should not be considered as an indication of future performance. Changes in economic, business, competitive, technological, regulatory and other factors, such as the impact of public health measures, could cause Bridgeline's actual results to differ materially from those expressed or implied by the projections or forward-looking statements made today.

我們今天報告的結果不應被視為未來業績的指標。經濟、商業、競爭、技術、監管和其他因素的變化，例如公共衛生措施的影響，可能導致 Bridgeline 的實際結果與今天所做的預測或前瞻性陳述所表達或暗示的結果存在重大差異。

For more detailed information about these factors and other risks that may impact our business, please review the reports and documents filed from time to time by Bridgeline Digital with the Securities and Exchange Commission. Also, please note that on the call this afternoon, we will discuss some non-GAAP financial measures when commenting on the company's financial performance. They provide a reconciliation of our GAAP financials to these non-GAAP measures in our earnings release. You can obtain a copy of our earnings release by visiting our website.

有關可能影響我們業務的這些因素和其他風險的更多詳細信息，請查看 Bridgeline Digital 不時向美國證券交易委員會提交的報告和文件。另外請注意，在今天下午的電話會議上，我們將在評論公司的財務業績時討論一些非 GAAP 財務指標。他們在我們的收益發布中提供了我們的 GAAP 財務與這些非 GAAP 措施的對賬。您可以訪問我們的網站獲取我們的收益發布副本。

I would now like to turn the call over to Ari Kahn, our President and CEO. Ari?

我現在想把電話轉給我們的總裁兼首席執行官 Ari Kahn。阿里？

Thank you, Tom, and good afternoon, everyone. Happy Valentine's Day. In the first quarter, we won 22 licensed sales totaling over $0.5 million in total contract value, with $0.25 million in annual recurring revenue and $0.75 million in consulting services. Our customer base continues to expand their investment in our software with 10 subscription license sales to existing customers. Search is our strongest selling product line with better than 18% organic CAGR, renewal rates in the high 90s, and search is now more than half of our subscription revenue.

謝謝你，湯姆，大家下午好。情人節快樂。第一季度，我們贏得了 22 項許可銷售，總合同價值超過 50 萬美元，年度經常性收入為 25 萬美元，諮詢服務為 75 萬美元。我們的客戶群繼續擴大對我們軟件的投資，向現有客戶銷售 10 個訂閱許可證。搜索是我們最暢銷的產品線，有機複合年增長率超過 18%，續訂率高達 90 年代，搜索現在占我們訂閱收入的一半以上。

Search sales are driven by partnerships with Optimizely, BigCommerce, (inaudible) and other platforms as well as agencies and system integrators. We've taken a vertical approach to sales and marketing and search with especially strong results in the B2B electrical distribution center. Our recent partnership with Duda is an exciting opportunity where more than 1 million websites can now add our WooRank SEO optimization product to their site with a click of a button. Also, Duda partners with 20,000 digital agencies who can now make bulk purchases of WooRank for their customer bases. Since the last month alone since January, our partnership with Duda has sold more than 150 WooRank licenses.

搜索銷售是由與 Optimizely、BigCommerce、（聽不清）和其他平台以及代理和系統集成商的合作夥伴關係推動的。我們採用垂直方法進行銷售、營銷和搜索，在 B2B 配電中心取得了特別顯著的成果。我們最近與 Duda 的合作夥伴關係是一個令人興奮的機會，現在有超過 100 萬個網站只需單擊一個按鈕即可將我們的 WooRank SEO 優化產品添加到他們的網站。此外，Duda 與 20,000 家數字機構合作，這些機構現在可以為其客戶群批量購買 WooRank。僅自一月份以來的最後一個月，我們與 Duda 的合作就售出了 150 多個 WooRank 許可證。

In the first quarter, Bridgeline delivered $4.1 million in revenue, including $3.2 million of subscription and license, and another $900,000 in services. Excluding nonrecurring perpetual license sales of $100,000 in our prior year comparable period, total revenue decreased by $100,000 overall versus the first quarter of fiscal '22. This was driven by a single large customer who, while renewing for their ninth consecutive year on a legacy Bridgeline product, restructured their website, which reduced their subscription by half, from $150,000 to $75,000 per quarter. Independent of this single customer reducing their subscription, our subscription renewal rate is over 90%, with more than 125 renewing customers, including Dairy Queen, Ron Jon, and Guardian Life.

第一季度，Bridgeline 實現了 410 萬美元的收入，其中包括 320 萬美元的訂閱和許可，以及另外 90 萬美元的服務。不包括上一年同期的 100,000 美元的非經常性永久許可銷售額，與 22 財年第一季度相比，總收入總體減少了 100,000 美元。這是由一個大客戶推動的，該客戶在連續第九年續訂舊版 Bridgeline 產品的同時，重組了他們的網站，將他們的訂閱減少了一半，從每季度 150,000 美元減少到 75,000 美元。獨立於這個減少訂閱的單一客戶，我們的訂閱續訂率超過 90%，有超過 125 個續訂客戶，包括 Dairy Queen、Ron Jon 和 Guardian Life。

Our subscription and license revenue is 79% of total revenue, and our search products have grown to be more than half of our SaaS revenue. We ended our first quarter with $2.5 million in cash. During the quarter, we made the final earn-out payment of $250,000 from the HawkSearch acquisition, and now we have no remaining earn-outs due for any of our previous acquisitions.

我們的訂閱和許可收入佔總收入的 79%，我們的搜索產品已增長到我們 SaaS 收入的一半以上。我們以 250 萬美元的現金結束了第一季度。在本季度，我們從 HawkSearch 的收購中支付了 250,000 美元的最後一筆收益，現在我們沒有因之前的任何收購而應支付的剩餘收益。

Bridgeline announced that its E360 dashboard is now available in the Shopify App Store. Shopify is partnered with Bridgeline to power analytics and prescribe new revenue strategies for their 4 million users across 175 countries. Shopify users can now use the Bridgeline E360 dashboard to grow their online revenue directly within the Shopify administrative interface.

Bridgeline 宣布其 E360 儀表板現已在 Shopify App Store 上架。 Shopify 與 Bridgeline 合作，為 175 個國家/地區的 400 萬用戶提供分析支持並製定新的收入策略。 Shopify 用戶現在可以使用 Bridgeline E360 儀表板直接在 Shopify 管理界面內增加在線收入。

Bridgeline delivered several technological advances in its first quarter, including its HawkSearch rapid user interface framework. The rapid UI framework reduces the time and expense of launching new HawkSearch-powered websites. The framework not only reduces the total cost of ownership for our new HawkSearch customers, but also accelerates Bridgeline's customer acquisition sales cycle by allowing prospective customers to see how HawkSearch improves search within their site before purchasing.

Bridgeline 在其第一季度實現了多項技術進步，包括其 HawkSearch 快速用戶界面框架。快速的 UI 框架減少了啟動新的 HawkSearch 支持網站的時間和費用。該框架不僅降低了我們新的 HawkSearch 客戶的總體擁有成本，而且還通過允許潛在客戶在購買前查看 HawkSearch 如何改進其網站內的搜索來加快 Bridgeline 的客戶獲取銷售週期。

We also expanded our natural language processing and machine learning capabilities in HawkSearch to allow industry-specific intelligence to be bundled and loaded into sites with NLP industry knowledge packs. Knowledge packs allow us to offer additional value to customers in key industries by preconfiguring their site with synonyms, stop words, unit conversion and other natural language intelligence commonly used by their specific customer base.

我們還擴展了 HawkSearch 中的自然語言處理和機器學習功能，允許將行業特定的情報與 NLP 行業知識包捆綁並加載到站點中。知識包使我們能夠通過使用同義詞、停用詞、單位轉換和特定客戶群常用的其他自然語言智能來預配置他們的站點，從而為關鍵行業的客戶提供附加價值。

For example, a hardware store site that sells paint may need to know that cotton and dove are versions of white, and a search for either of those words should return all white-tone products. Similarly, a U.S. shoe store needs to understand that a search for sizes over 30 are European and should be converted to the U.S. side before returning the search results. Our NLP search allows you to configure this type of intelligence, and our NLP industry knowledge packs allow you to take this intelligence out of the box for key industries to increase your e-commerce conversion rate.

例如，銷售油漆的五金店網站可能需要知道 cotton 和 dove 是 white 的變體，搜索這兩個詞中的任何一個都應該返回所有白色調產品。同樣，一家美國鞋店需要了解尺寸超過 30 的搜索是歐洲尺寸，應在返回搜索結果之前轉換為美國尺寸。我們的 NLP 搜索可以讓您配置這種類型的智能，我們的 NLP 行業知識包可以讓您將這種智能開箱即用，用於關鍵行業，以提高您的電子商務轉化率。

We're off to a great start for 2023 and intend to continue to make investments in our products and marketing to grow market share, especially for site search where we have enjoyed so much strong growth and customer success.

我們在 2023 年有了一個良好的開端，並打算繼續對我們的產品和營銷進行投資，以增加市場份額，尤其是在網站搜索方面，我們已經實現瞭如此強勁的增長和客戶成功。

At this time, I'll turn the call over to our Chief Financial Officer, Tom Windhausen. Tom?

此時，我會將電話轉給我們的首席財務官 Tom Windhausen。湯姆？

Thanks, Ari. I'll provide an update of our financial results for the first quarter of fiscal 2023, which ended December 31, 2022. Our revenue for the quarter ended December 31, 2022, was $4.1 million compared to $4.3 million in the prior year period. Going into each component of revenue, our subscription and license revenue, which is comprised of SaaS licenses, maintenance and hosting revenue and perpetual license revenue for the quarter ended December 31, 2022, was $3.2 million. The prior year period included $100,000 of nonrecurring perpetual license sales, and the current year was impacted by a reduced contract from a long-time customer, as Ari mentioned.

謝謝，阿里。我將更新我們截至 2022 年 12 月 31 日的 2023 財年第一季度的財務業績。我們截至 2022 年 12 月 31 日的季度收入為 410 萬美元，而去年同期為 430 萬美元。進入收入的每個組成部分，我們的訂閱和許可收入（包括 SaaS 許可、維護和託管收入以及截至 2022 年 12 月 31 日的季度的永久許可收入）為 320 萬美元。正如 Ari 提到的，去年同期包括 100,000 美元的非經常性永久許可銷售，而今年受到長期客戶合同減少的影響。

As a percentage of total revenue, our subscription license revenue was 79% of total revenue for the quarter ended December 31, 2022. Services revenue of $900,000 for the quarter ended December 31, 2022, compared to $900,000 in the prior year first quarter. As a percentage of total revenue, services revenue accounted for 21% of total revenue. Our cost of revenue was consistent at $1.3 million for the quarter ended December 31, 2022, as compared to $1.3 million in the prior year period. As a result, our gross profit was $2.8 million for the quarter compared to $3 million in the prior year period.

截至 2022 年 12 月 31 日止的季度，我們的訂閱許可收入佔總收入的百分比為 79%。截至 2022 年 12 月 31 日止的季度，服務收入為 900,000 美元，而去年第一季度為 900,000 美元。從占總收入的百分比來看，服務收入佔總收入的21%。截至 2022 年 12 月 31 日止的季度，我們的收入成本保持在 130 萬美元，而去年同期為 130 萬美元。因此，本季度我們的毛利潤為 280 萬美元，而去年同期為 300 萬美元。

Our overall gross profit margin was 69% for the quarter ended December 31, 2022, compared to 70% in the prior year period. Our subscription and license gross margins were 73% for the quarter compared to 76% in the prior year period, and our services gross margin were 51% for the quarter compared to 48% in the same period last year. Our operating expenses were $3.2 million, down $0.3 million from the prior year period.

截至 2022 年 12 月 31 日止的季度，我們的整體毛利率為 69%，而去年同期為 70%。本季度我們的訂閱和許可毛利率為 73%，而去年同期為 76%，本季度我們的服務毛利率為 51%，而去年同期為 48%。我們的運營費用為 320 萬美元，比上年同期減少 30 萬美元。

Moving below operating expenses, our change in fair value of liability classified warrants resulted in a noncash income of $300,000 in the quarter compared to $2.4 million in the prior year period. Changes in share price are the primary driver of the change in the fair value of the warrants. Our net loss was $100,000 for the fiscal quarter ended December 31, 2022, compared to net income of $1.9 million in the prior year period, inclusive of those more fair value adjustments. Adjusted EBITDA for the quarter ended December 31, 2022, was $0.1 million, which was consistent with the prior year period.

低於運營費用，我們對負債分類認股權證公允價值的變化導致本季度非現金收入為 300,000 美元，而去年同期為 240 萬美元。股價變動是認股權證公允價值變動的主要驅動因素。截至 2022 年 12 月 31 日止的財政季度，我們的淨虧損為 100,000 美元，而去年同期的淨收入為 190 萬美元，其中包括更多的公允價值調整。截至 2022 年 12 月 31 日止季度的調整後 EBITDA 為 10 萬美元，與上年同期持平。

Moving to the balance sheet. On December 31, 2022, we had cash of $2.5 million and accounts receivable of $1.6 million, and we had total assets at December 31, 2022, of $27.5 million versus total liabilities of $7.2 million. We look forward to continued growth and success in fiscal 2023 as we continue our focus on revenue growth, product innovation, customer success and shareholder value.

轉到資產負債表。 2022 年 12 月 31 日，我們的現金為 250 萬美元，應收賬款為 160 萬美元，2022 年 12 月 31 日的總資產為 2750 萬美元，總負債為 720 萬美元。隨著我們繼續關注收入增長、產品創新、客戶成功和股東價值，我們期待在 2023 財年實現持續增長和成功。

Thank you for joining us on the call today. At this time, we'd like to open up the call to questions and answers. Moderator, are you there?

感謝您今天加入我們的電話會議。在這個時候，我們想打開問答的電話。版主，你在嗎？

(Operator Instructions) And our first question comes from the line of Howard Halpern with Taglich Brothers.

（操作員說明）我們的第一個問題來自 Howard Halpern 和 Taglich Brothers 的台詞。

One question that popped up during your commentary was the 150 new WooRank licenses. So you get those licenses. And how is the process to get those customers -- upsell those customers to generate more recurring revenue?

在您的評論中突然出現的一個問題是 150 個新的 WooRank 許可證。所以你得到了那些許可證。獲得這些客戶的過程如何 - 追加銷售這些客戶以產生更多的經常性收入？

Okay. Great. Great. So that's through our partnership with Duda, which has 1 million websites that are powered by Duda, and we're in their app store. Individual customers can start with a light version of WooRank that starts at only $10 a month, and has good capabilities but limited capabilities, and there are upgrade options for them going up to $25 for the next level, and $50 for the level after that. So an individual customer can grow by a factor of 5 all by themselves.

好的。偉大的。偉大的。這是通過我們與 Duda 的合作夥伴關係實現的，Duda 擁有 100 萬個由 Duda 提供支持的網站，我們在他們的應用程序商店中。個人客戶可以從 WooRank 的精簡版開始，起價僅為每月 10 美元，功能不錯但功能有限，他們還有升級選項，可以升級到下一級別 25 美元，之後的級別 50 美元。因此，單個客戶可以自己增長 5 倍。

One of the most exciting things in the Duda partnership is access to the 20,000 agencies that private label Duda to create websites for their customers. And they're very motivated to add WooRank to their own customers subscription. And this is because with WooRank, the agency themselves are able to create reports that identify where the strengths and weaknesses are of each individual site's Google core metrics, and they can then sell their own agency services to improve the site based on those reports. So they get beautiful custom-made reports that they can provide to their customers and upgrade.

Duda 合作夥伴關係中最令人興奮的事情之一是可以訪問 20,000 家自有品牌 Duda 的機構，為他們的客戶創建網站。他們非常有動力將 WooRank 添加到他們自己的客戶訂閱中。這是因為有了 WooRank，代理機構自己能夠創建報告，確定每個站點的 Google 核心指標的優勢和劣勢，然後他們可以出售自己的代理服務，以根據這些報告改進站點。因此，他們可以獲得精美的定制報告，可以將這些報告提供給客戶並進行升級。

And in that instance, similarly, we have 3 tiers for those customers as well. But in that case, we're selling in bulk to an agency who might buy 1,000 licenses at once. So this partnership is only 1 month old. It's off to an outstanding start, and we think that it's really going to make an impact on our revenues.

在那種情況下，類似地，我們也為這些客戶提供了 3 層。但在那種情況下，我們將批量銷售給可能一次購買 1,000 個許可證的機構。所以這種夥伴關係只有 1 個月大。這是一個出色的開端，我們認為它真的會對我們的收入產生影響。

Okay. Okay. That's good. And can you talk a little bit about the pipeline of customers that you had or potential customers you have? And are you seeing them want -- I know you have mostly out of the box, but you have the -- you can do consulting and customizing. Are you seeing more and more that they want that custom -- a little bit more customization than they have in the past?

好的。好的。那挺好的。你能談談你擁有的客戶渠道或你擁有的潛在客戶嗎？你是否看到他們想要 - 我知道你大部分都開箱即用，但你有 - 你可以進行諮詢和定制。您是否看到越來越多的人想要這種定制——比過去多一點定制？

Well, we're really focused on providing as much value out of the box as we can, which is why with HawkSearch, we released the rapid UI framework, which allows customers to install HawkSearch and have it up and running all by themselves. Now you can always customize HawkSearch in a million different ways, and either our services or their own agency services can provide those customizations. But today, our professional services is only 20% of our overall revenue, it's around $3 million a year, and we expect it to kind of stay at that level with our customers buying our software, using it out of the box, and only using us for the most sophisticated customization.

好吧，我們真正專注於提供盡可能多的開箱即用的價值，這就是為什麼通過 HawkSearch，我們發布了快速 UI 框架，它允許客戶安裝 HawkSearch 並自行啟動和運行它。現在，您可以隨時以一百萬種不同的方式自定義 HawkSearch，我們的服務或他們自己的代理服務都可以提供這些自定義。但是今天，我們的專業服務只占我們總收入的 20%，每年大約 300 萬美元，我們希望它能保持在這個水平，因為我們的客戶購買我們的軟件，開箱即用，並且只使用我們進行最複雜的定制。

Some of the examples of things that we do with our customers on the customization front are knowledge management, so that's where we help them analyze the search terms that their customers are using, what the search results are, and whether those are actually converting into sales and improve the natural language processing behind the scenes inside of site search. We help them improve their site with regards to ADA, American Disability Act compliance and some other items, and then leave the graphical and look and feel more to agencies that do that work.

我們在定制方面與客戶一起做的事情的一些例子是知識管理，所以我們幫助他們分析他們的客戶正在使用的搜索詞，搜索結果是什麼，以及這些是否真的轉化為銷售並改進站點搜索內部幕後的自然語言處理。我們幫助他們在 ADA、美國殘疾人法案合規性和其他一些項目方面改進他們的網站，然後將圖形和外觀更多地留給從事這項工作的機構。

Okay. And are you seeing any growing traction for TruPresence? And is that pipeline growing? And is that a higher value sale, but at a longer sales cycle?

好的。您是否看到 TruPresence 越來越受歡迎？那條管道在增長嗎？這是否是價值更高但銷售週期更長的銷售？

Well, it is a longer sales cycle, and it is a higher value sale. So we did a very large sale just recently with a B2B electrical distributor, one of the largest B2B electrical distributors in America and a Forbes private company, Fortune 100 list for 750 sites. So TruPresence allows all of our software, including HawkSearch, to be able to manage franchises and chains that have a large number of websites. But because those deals are still large, and a lot of times, there are a lot of considerations of how to coordinate, in this instance, 750 site owners and profit centers and so forth, they're more political and take more time.

嗯，這是一個更長的銷售週期，而且是一個更高價值的銷售。因此，我們最近與一家 B2B 電氣分銷商進行了一次非常大的銷售，這是美國最大的 B2B 電氣分銷商之一，也是一家福布斯私人公司，財富 100 強名單中有 750 個站點。因此，TruPresence 允許我們的所有軟件（包括 HawkSearch）能夠管理擁有大量網站的特許經營權和連鎖店。但因為這些交易仍然很大，而且很多時候，有很多關於如何協調的考慮，在這種情況下，750 個網站所有者和利潤中心等等，它們更具政治性，需要更多時間。

Out of all of our products, Orchestra, Unbound, WooRank, TruPresence and Celebros and HawkSearch, and I'll mention that Celebros and HawkSearch are essentially merged code bases, we still have both brands out there, but they're really -- we treat them as one line. The site search, Celebros and HawkSearch is, by far, the strongest growth product line for us either in TruPresence form or in its regular form. We had 18% CAGR in this quarter, in our first quarter with Hawk and Celebros. In Hawk and Celebros, we have very strong renewal rates. And as it grows as a larger percentage of our overall revenue, the general characteristics of our financials will start to mirror that set of growth, and it's going to be very impressive, I believe.

在我們所有的產品中，Orchestra、Unbound、WooRank、TruPresence 以及 Celebros 和 HawkSearch，我會提到 Celebros 和 HawkSearch 本質上是合併的代碼庫，我們仍然有兩個品牌，但它們真的——我們將它們視為一條線。到目前為止，站點搜索、Celebros 和 HawkSearch 是我們增長最快的產品線，無論是 TruPresence 形式還是常規形式。我們在第一季度與 Hawk 和 Celebros 的複合年增長率為 18%。在 Hawk 和 Celebros，我們的續訂率非常高。隨著它在我們總收入中所佔比例的增加，我們財務的一般特徵將開始反映出這一系列的增長，我相信這將是非常令人印象深刻的。

Okay. And one last one is, as we always discuss, I guess what are you seeing in terms of potential acquisitions out there in terms of adding customers or adding complementary technology? And yes, so what are you seeing out there?

好的。最後一個是，正如我們經常討論的那樣，我想你在增加客戶或增加互補技術方面的潛在收購方面看到了什麼？是的，那麼你在那裡看到了什麼？

Well, we're still seeing companies that are explicitly looking for acquirers. But we have seen things slow down a little bit. I think that a lot of companies that see this is just a difficult market to sell in. So they're not hiring bankers and doing outbound research as much as they were, for instance, last year, which is probably smart actually. And therefore, we're doing more outbound research on our own side to look at acquisitions and reach out to companies that we think would be good fit and it would be mutually beneficial to their shareholders and our shareholders to bring them in.

好吧，我們仍然看到一些公司明確在尋找收購方。但我們已經看到事情有所放緩。我認為很多公司看到這只是一個難以銷售的市場。所以他們沒有像去年那樣聘請銀行家和進行海外研究，這實際上可能很聰明。因此，我們正在自己方面進行更多的對外研究，以研究收購併接觸我們認為合適的公司，將它們引入對他們的股東和我們的股東都是互惠互利的。

And our next question comes from the line of Leo Carpio with Joseph Gunnar.

我們的下一個問題來自 Leo Carpio 和 Joseph Gunnar 的對話。

I got 2 questions. The first question is, what are you seeing in terms of the industry environment? Are your customers still concerned about the economy and potential recession impact? And is that affecting the pipeline? And then the second question is, I'll do a follow-up.

我有 2 個問題。第一個問題是，您如何看待行業環境？您的客戶是否仍然擔心經濟和潛在的衰退影響？這會影響管道嗎？然後第二個問題是，我會跟進。

Okay. Great. Great. Well, the market overall, we have not seen a change one way or the other today versus 12 months ago in terms of the size of our pipeline, our customer acquisition costs or the length of our sales cycle. We are, therefore, expanding our investment in sales and marketing. We do think that burning cash could be a bad idea. So we don't want to be a company that is losing a significant amount of money. But at the same time, especially in the light of some companies that we consider to be competitors apparently pulling back on their efforts, we're going to push forward. We're seeing great conversion rates on our own sales. And we think that this market is going to be fine for us. And that might be because we're relatively small. So you can have a lot of big swings that's comped in, in terms of this $100 billion market that we live in, and we're swimming underwater. We don't notice the waves.

好的。偉大的。偉大的。嗯，總體而言，就我們的管道規模、我們的客戶獲取成本或我們的銷售週期的長度而言，與 12 個月前相比，我們今天沒有看到任何變化。因此，我們正在擴大對銷售和營銷的投資。我們確實認為燒錢可能不是一個好主意。所以我們不想成為一家虧損大量資金的公司。但與此同時，特別是考慮到一些我們認為是競爭對手的公司顯然在撤回他們的努力，我們將繼續前進。我們在自己的銷售中看到了很高的轉化率。我們認為這個市場對我們來說會很好。這可能是因為我們相對較小。因此，就我們所處的這個 1000 億美元的市場而言，我們正在水下游泳，所以你可以有很多大的波動。我們沒有註意到海浪。

And our next question comes from the line of [Harvey Bibicoff] with [Bibicoff and McGinnis].

我們的下一個問題來自 [Harvey Bibicoff] 與 [Bibicoff 和 McGinnis] 的對話。

I just have 1 question. In your presentation, you're off to a good start to 2023. I'm looking at the numbers, and I don't understand what you're talking about. What is the good start?

我只有 1 個問題。在你的演講中，你為 2023 年開了個好頭。我正在看數字，但我不明白你在說什麼。什麼是好的開始？

Fair enough. Fair enough. The good start is really about the 18% organic CAGR in our site search. So I did point to one thing, I didn't want to like dwell on it too much, but we do have a fairly broad product line with some products that are legacy, and they've got some long-term great customers that have been using it for a long time, but are declining in terms of the usage.

很公平。很公平。良好的開端實際上是關於我們網站搜索中 18% 的有機複合年增長率。所以我確實指出了一件事，我不想過多地談論它，但我們確實有相當廣泛的產品線，其中一些產品是遺留的，而且他們有一些長期的大客戶已經使用了很長時間，但使用率卻在下降。

So we had a significant customer that was paying $150,000 in monthly recurring revenue, restructured their own website in the context of them renewing their subscription for the ninth consecutive year to $75,000 in monthly recurring revenue. So this resets our SaaS revenue to a different level. It's fine and natural. But given our own size, they're not a 5% customer, but they're very significant, puts us on that trajectory.

因此，我們有一個重要客戶，每月支付 150,000 美元的經常性收入，在他們連續第九年續訂訂閱的情況下重組了自己的網站，每月經常性收入達到 75,000 美元。因此，這將我們的 SaaS 收入重置到一個不同的水平。很好很自然。但考慮到我們自己的規模，他們不是 5% 的客戶，但他們非常重要，讓我們走上了這條軌道。

Another thing that can be a little confusing with our own revenues is that we do occasionally sell a perpetual license, and we did have some perpetual licenses this quarter. So that is a difference between a year ago. But what I'm focused on is the growth products that we have, in particular, HawkSearch, which is now more than half of our overall revenue and is growing. And it's going to take a little bit of time for it to really shine through and for everyone to see that growth. So admittedly, it's obfuscated by some of our other products, and it's taken over quickly.

另一件可能與我們自己的收入有點混淆的事情是，我們偶爾會出售永久許可證，而且本季度我們確實有一些永久許可證。所以這與一年前有所不同。但我關注的是我們擁有的增長產品，尤其是 HawkSearch，它現在占我們總收入的一半以上，而且還在增長。它需要一點時間才能真正閃耀，讓每個人都能看到這種增長。所以不可否認，它被我們的一些其他產品混淆了，並且很快就被接管了。

And I'm showing no further questions. So with that, I'll hand the call back over to management for any closing remarks.

我沒有再提出任何問題。因此，我將把電話轉回給管理層，聽取任何結束語。

Great. Thank you for joining us today. We appreciate the continued support of our customers and our partners and our shareholders. We're excited about our business and ongoing growth prospects, and we look forward to speaking with you again on our second quarter fiscal '23 conference call in May. Thank you. Have a great day.

偉大的。感謝您今天加入我們。我們感謝客戶、合作夥伴和股東的持續支持。我們對我們的業務和持續增長前景感到興奮，我們期待在 5 月份的第二季度 23 財年電話會議上再次與您交談。謝謝。祝你有美好的一天。

This concludes today's conference call. Thank you for participating, and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。